Ely Gold Announces Property Exchange with Columbus Gold

November 4, 2016

Vancouver, British Columbia, November 4, 2016 - Ely Gold & Minerals Inc. (“Ely Gold” or the “Company”) (TSX-V: ELY, OTC: ELYGF) is pleased to announce that it has completed a property exchange (the “Exchange”) with Columbus Gold Corp. (TSX: CGT, OTCQX: CBDGF) and its wholly owned subsidiary Columbus Gold (USA) Corp. (collectively “Columbus”). Ely Gold, through its wholly owned subsidiary, Nevada Select Royalty, Inc. (“Nevada Select”) has acquired a 100% interest in 66 unpatented mining claims in Esmeralda County, Nevada (the “Claims”). The Claims are contiguous to claims currently held by Ely Gold known as the Weepah Project (“Weepah”)
Columbus has done significant exploration on the Claims, including
multiple drill campaigns. Columbus acquired the Claims in 2011 from
Cordex Exploration Company (
“Cordex”).
The Claims will be subject to a 2% net smelter returns royalty to
Cordex.Ely Gold will also acquire all the data from Columbus’
exploration programs.

In the Exchange, Nevada Select has
conveyed, to Columbus, a royalty on the Bolo/Wood property in Nye
County, Nevada which was acquired by Nevada Select in a transaction with
Till Capital and press released by Ely Gold on August 12, 2016.
Columbus acquired the Bolo/Wood property from Cordex in 2012.

The
Weepah Project is located 20 miles southwest of Tonapah. Historic
production occurred from 1904-1935 from the Weepah Pit and underground
mining from the high-grade Weepah Vein. Subsequent production in 1986
and 1987, by Sunshine Mining Company (
“Sunshine”),
was from the Weepah Pit.Ely Gold filed a NI 43-101 report on SEDAR on
May 4, 2016. The report identifies two high priority targets based on
historic drill data and highlights the drill programs conducted by
Columbus and it partners. The report is available on the Company’s
website at
www.elygoldinc.com.

Trey
Wasser, President and CEO of Ely Gold commented on the Exchange, “We
are very pleased to complete this transaction with Columbus. The
consolidation of the Weepah property creates one of the best
under-explored projects in Nevada. Once the consolidation of the data is
completed, this will be a very important focus property in the Nevada
Select portfolio”.

“According to a report published by the US Geological Survey1,
the Weepah Project was the largest primary gold producer in Nevada
during production in 1937” stated Jerry Baughman, President of Nevada
Select. “Historic reports also indicate that Sunshine successfully
tested the down-dip extension of the high-grade Weepah Vein. The results
confirm that this area remains a high priority target. The addition of
the Columbus Claims will allow this target to be expanded over one half
mile on strike.”

Stephen Kenwood, P. Geo,
is director of the Company and a Qualified Person as defined by NI
43-101. Mr. Kenwood has reviewed and approved the technical information
in this press release.

About Ely Gold

Ely
Gold is focused on developing recurring cash flow streams through the
acquisition, consolidation, enhancement, and resale of highly
prospective, un-encumbered North American precious metals properties.
Ely’s property development efforts maximize each property’s potential
for acquisition, while reserving significant royalty
interests.Additional information about Ely Gold is available at the
Company’s website, at
www.elygoldinc.com

1 Shamberger,
H.A. Weepah. Early History, Development and Water Supply. Nevada
Department of Conservation and Natural Resources and U.S. Geological
Survey. 1975.

Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. This news release may contain
forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs, geological
interpretations, receipt of property titles, potential mineral recovery
processes, etc. Forward-looking statements address future events and
conditions and therefore, involve inherent risks and uncertainties.
Actual results may differ materially from those currently anticipated in
such statements.